TL;DR Breakdown
- Cardano price analysis shows continued downward price action
- Price reached as low as $0.88 over last 24 hours
- Trading volume down 44 percent to suggest market stagnancy
Cardano price analysis continues to show bearish signs on today’s trade, as price moved as low as $0.88 during the day’s trade. Over the past 3 days, Cardano price has declined more than 9 percent and shows bearish signs for the coming trade sessions. ADA trading volume fell more than 44 percent over the last 24 hours, while market capitalisation grew slightly. Cardano has been subject to downward price action since April 11, and faced multiple rejections around $0.98. Over the next 24 hours, buyers could come into the market at discounted price if ADA declines further towards support at $0.85.
The larger cryptocurrency market continued to bleed over the past 24 hours as well, led by Bitcoin’s demise down to $39,500. Ethereum stayed below the $3,000 mark as well with a minor decline, while major Altcoins showed similar bearish behaviour. Ripple moved down to $0.70, Dogecoin to $0.13 and Litecoin to $105.56. Meanwhile, Terra dropped 4 percent down to $90.30, whereas Solana and Polkadot rose 1 percent each up to $100.82, $18.87, respectively.
Cardano price analysis: Descending triangle pattern appears on daily chart
On the 24-hour candlestick chart for Cardano price analysis, price can be seen enduring successive trading sessions in decline since the trend shifted on April 20. ADA moved from the now resistance of $0.97 to as low as current price of $0.88, the lowest in a month. The crucial 50-day exponential moving average (EMA) is set at $0.92, which is the next pressure point for ADA if buyers consolidate price upwards. The Relative Strength Index (RSI) shows a lowly market valuation at 38.65, which could stagnate further.
Meanwhile, the Moving Average Convergence Divergence (MACD) curve shows a continued bearish divergence below the neutral zone, as ADA sets bearish highs at current trend. Over the next 24 hours, price action is expected to pick up as buyers come in at discounted price before ADA hits support at $0.85. However, movement below the support zone could invalidate the bullish sentiment.
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Source: https://www.cryptopolitan.com/cardano-price-analysis-2022-04-23/